The Ocean Resilience Innovation Challenge (ORIC) is a crucial component of the Ocean Risk and Resilience Action Alliance (ORRAA) platform to build a pipeline of investable projects. It is driven from the ground-up, with projects delivering a genuine impact in local communities, while also mitigating ocean and climate risk. Drawing on the multi-sector expertise of members and partners, the Challenge surfaces, grows and scales promising solutions, acting as a catalyst to accelerate both locally led innovation and investment to protect the ocean and the communities whose lives and livelihoods depend on it.
Launched in 2020, ORIC has launched three challenge rounds, the most recent in January 2023. Each wave calls for novel and scalable finance and insurance products that build coastal resilience and reduce ocean risk for the people who depend on it. Challenge finalists in both cohorts have received tailored mentoring and support in developing and promoting their projects. The projects in the 2022 cohort received USD$50,000 each to directly scale up their initiatives towards being investment ready. ORIC has supported thirteen projects in total, selected for their level of innovation, potential impact and focus on equity.
Eligibility criteria will be outlined within the next call for proposals.